The foundation of Bush's "ownership society" was always questionable and now we're all stuck with the fallout.
"It will take longer this time to rebound given the unusually high levels of foreclosures and constrained credit markets," he said. "The slump in housing markets has not yet run its full course."
Price declines and mortgage defaults are the worst on records dating back to the 1960s and 1970s, the study noted. Job losses and falling prices intensify risk of foreclosure.
The number of homes entering foreclosure nearly doubled to 1.3 million in 2007 from about 660,000 in 2005.
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